Custom duty collections to top target

"Customs duty collection is likely to cross the budgetary estimate this year despite lowering of the peak rate. Barring external factors... economy will continue to grow at a high rate and manufacturing at a brisk rate," Finance Minister P Chidambaram said in New Delhi.

Customs duty target was set at higher level than revised estimates of previous year, he said.

"Although, peak customs duty was reduced by two and half per cent and custom duties were reduced across the board, it presupposes that economy will continue to grow at eight per cent and above (this fiscal)," he said at a function of the customs department.

He expressed confidence that economic activity will be in full swing this year.

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